$X[ DUWLVWHV
7RXV QRV UHPHUFLHPHQWV j
*UDGLPLU 6PXGMD 6SLW &ODXGH 0DUUDFKH 9LQFHQW 3HUULRW %RE %HUJp 3DWULFLD &URWWLHU $QQH 5LFKHU GH )RUJHV 'RPLQLTXH $UURXD\V )ORULDQ +LHQ 9LRODLQH %ULDW )UDQFLV 7DUGLI +HUPDQQ 3DVFDO 'HEDFTXH /D &RPSDJQLH GH OD 'LYDJXH )UHG 7UpJOLD &KULVWRSKH &RLQWDXOW *DUI *HRUJHV *UDUG -HII %DXG -RVp -RYHU /XFLHQ 5ROOLQ 0DULH 'HVFKDPSV (ULF :DQWLH] 0LQK 7KDQ 'XRQJ 9LQ] HO 7DEDQDV 3LHUUH :DOWFK 7DUHN 9LQFHQW 3RPSHWWL 5DRXO 3DROL /XF 7XUODQ 6LPpRQ
8QH GpGLFDFH VSpFLDOH j WRXV OHV EpQpYROHV TXL HQ DPRQW HW SHQGDQW WRXWH OD GXUpH GX )HVWLYDO FRQWULEXHQW DX VXFFqV GH O·pYqQHPHQW
1RV SDUWHQDLUHV LQVWLWXWLRQQHOV /H &RQVHLO *pQpUDO GH OD 9LHQQH /H &RQVHLO 5pJLRQDO 3RLWRX FKDUHQWHV /H 6\QGLFDW 0L[WH GX 3D\V 0RQWPRULOORQQDLV /D PXQLFLSDOLWp GH /XFKDSW /HV PXQLFLSDOLWpV YRLVLQHV 1RV GRQDWHXUV 1RV SDUWHQDLUHV SULYpV HW DVVRFLDWLIV /H &RPLWp GHV IrWHV GH /XFKDSW /H &RPLWp GHV IrWHV GH /·,VOH -RXUGDLQ /D 0DLVRQ GH OD 3UHVVH ,VORLVH 6pULWHFK 6pULJUDSKLH 7UDPpWDO W{OHULH ILQH GH SUpFLVLRQ 692 /H 9LJHDQW /·,PSULPHULH GH OD *DUWHPSH /D &DLVVH ORFDOH GX &UpGLW $JULFROH GH O·,VOH -RXUGDLQ /D 3RVWH /·$VVRFLDWLRQ GX )HVWLYDO ,QWHUQDWLRQDO GH OD %' G·$QJRXOrPH 7KpUqVH %LVK /D 0-& GHV &DQWRQV GH O·,VOH -RXUGDLQ HW G·$YDLOOHV /LPRXVLQH /D %LEOLRWKqTXH GH /XFKDSW /HV (GLWHXUV &DVWHUPDQ 'HOFRXUW 'XSXLV 'DUJDXG *HVWH *OpQDW 0DNDND 7DUWDPXGR &RPPH XQH 2UDQJH 0pJDOLWKHV 3URGXFWLRQ
1RV SDUWHQDLUHV PpGLDV &HQWUH 3UHVVH /D 1RXYHOOH 5pSXEOLTXH 5DGLR %OHXH )UDQFH 3RLWRX 5DGLR $FFRUG /D %RXOLWW 2SDOH %' $IILFKH +HEGR 7RXULVPH HQ 9LHQQH /LYLQJ 3RLWRX &KDUHQWHV %XJOH (GLWRU %' 3DUDGLVLR =22 $FWX ORLVLUV
(W j WRXV FHX[ TXL QRXV RQW DSSRUWp OHXUV SUpFLHX[ FRQVHLOV«
9HQGUHGL -XLOOHW $UW QDUUDWLI HW JUDSKLTXH DSSHOp qPH $UW OD EDQGH GHVVLQpH HW VHV WHFKQLTXHV RQW pYROXp DX ILO GHV 6LqFOHV GHV KLVWRLUHV HQ LPDJHV ,PDJHV G·(SLQDO 5RGROSKH 7|SIIHU HQ 6XLVVH« DX[ EDQGHV GHVVLQpHV IUDQFRSKRQHV DPpULFDLQHV VDQV RXEOLHU OHV GLIIpUHQWHV IRUPHV SLFWXUDOHV TXL OHV RQW SUpFpGpHV /·$/3$ YRXV SURSRVH GRQF FHWWH DQQpH GDQV OH GpFRU FKDPSrWUH GH OD FDPSDJQH OXFKDSWDLVH GH GpFRXYULU FHWWH IDoRQ GH UDFRQWHU HQ LPDJHV /$ %' '$16 /( 35(  K « ,QDXJXUDWLRQ GX IHVWLYDO
/$ %' '$16 /( 35( 3DU QRWUH ,QYLWp G·KRQQHXU *UDGLPLU 608'-$
*UDGLPLU 608'-$ 1p HQ HQ <RXJRVODYLH LO pPLJUH YHUV OD 6XLVVH DX GpEXW GHV $QQpHV TX·LO TXLWWH SRXU V·LQVWDOOHU j /XFFD HQ ,WDOLH 6FpQDULVWH GHVVLQDWHXU FRORULVWH F·HVW XQ YpULWDEOH WRXFKH j WRXW ,O UpDOLVH GHV FRSLHV GH JUDQGV PDvWUHV GH O·LPSUHVVLRQQLVPH LO WUDYDLOOH VXU WRLOH ERLV IDLW GHV FDULFDWXUHV 6RQ © 9LQFHQW HW 9DQ *RJK ª HVW XQ YLHX[ SURMHW GDQV OHTXHO LO \ GpYRLOH O·pWHQGXH GH VRQ WDOHQW &·HVW DYDQW WRXW O·KRPPDJH G·XQ SHLQWUH IDLW j 9LQFHQW $SUqV 9DQ *RJK LO V·LQWpUHVVH j XQ DXWUH PRQXPHQW GH OD SHLQWXUH 7RXORXVH /DXWUHF
6DPHGL HW GLPDQFKH -XLOOHW *UDGLPLU 6PXGMD
$QQH 5LFKHU GH )RUJHV
)ORULDQ KLHQ +HUPDQQ
)UDQFLV 7DUGLI
'RPLQLTXH $UURXD\V
Pascal Debacque
/D &RPSDJQLH GH OD 'LYDJXH 7URLV OHFWHXUV DVVLGXV GH %' qV SORQJHXUV HQ SK\ODFWqUHV HW XQLYHUV JUDSKLTXHV eJDOHPHQW PXVLFLHQV DYHF XQH VRSUDQR XQ EDU\WRQ XQH JXLWDULVWH LOV UrYHQW G·XQH UHQFRQWUH © 3XUFHOO &RPDQFKH ª /RUV GH O·LQDXJXUDWLRQ DX GpWRXU GHV GpGLFDFHV PDLV pJDOHPHQW ORUV GX SUHPLHU GvQHU DWWHQGH] YRXV j GH EHOOHV VXUSULVHV PXVLFDOHV
'vQHU GH O·$OSD *RXUPDQGH j SDUWLU GH K $QLPp SDU OD &RPSDJQLH GH OD 'LYDJXH HW OHV FDULFDWXUHV GH WDEOHV HQ WDEOHV GH *UDGLPLU 6PXGMD HW 3DVFDO 'HEDFTXH 6XU UpVHUYDWLRQ HXURV
6DPHGL HW 'LPDQFKH -XLOOHW
9LRODLQH %ULDW
3DWULFLD &URWWLHU
&ODXGH 0DUUDFKH
6SLW
%RE %HUJp
9LQFHQW 3HUULRW )UHG 7UHJOLD
/·LQYLWp 6XUSULVH "
$WHOLHU %' GH K j K DQLPp SDU )ORULDQ +LHQ )DLUH XQH %' GH O·REMHW DX GHVVLQ &RQIHFWLRQ GH VRQ FDUQHW j GHVVLQ RX IDQ]LQH HW FUpDWLRQ GH SHUVRQQDJHV 'H j DQV ½ 0DWpULHO IRXUQL HW SHWLW JRÂ&#x20AC;WHU
$WHOLHU 3kWLVVHULH GH K j K 'pPRQVWUDWLRQ GHV GLIIpUHQWHV WHFKQLTXHV GH GpFRUDWLRQ GH FXSFDNHV HW UpDOLVDWLRQ GH GpFRUV HQ SkWH j VXFUH &KDTXH SDUWLFLSDQW FUpHUD OH SURSUH GpFRU GH VRQ FXSFDNH 3ODFHV OLPLWpHV VXU LQVFULSWLRQ ½ 0DWpULHO IRXUQL
/XQGL -XLOOHW
$WHOLHU %' GH K j K DQLPp SDU )UHG 7UHJOLD VFpQDULVWH HW (GLWHXU
6FpQDULR HW $QDO\VH GH O·LPDJH
$ K 5HQFRQWUH DYHF )UHG 7UHJOLD
7RXW SXEOLF ½ PDWpULHO HW JRÂ&#x20AC;WHU FRPSULV
/·+LVWRLUH GH OD %' )UDQFRSKRQH
6DOOH GHV IrWHV GH /XFKDSW (QWUpH /LEUH
0DUGL -XLOOHW
3HQVH] j QRXV UHMRLQGUH WRXV OHV MRXUV (QWUH K HW K22 DILQ GH SURILWHU GH QRWUH
$WHOLHU %' GH K j K DQLPp SDU /XF 7XUODQ 7HFKQLTXHV G·,OOXVWUDWLRQV SRXU XQH PLVH HQ DSSOLFDWLRQ LPPpGLDWH $ SDUWLU GH DQV ½ PDWpULHO HW JRÂ&#x20AC;WHU FRPSULV
(Q SDUWHQDULDW DYHF O·$VVRFLDWLRQ GX )HVWLYDO ,QWHUQDWLRQDO GH OD %' G·$QJRXOrPH
0HUFUHGL -XLOOHW &DIp /LEUDLULH j SDUWLU GH K (QWUpH OLEUH /XF 7XUODQ HW )UHG 7UpJOLD H[SOLTXHURQW OHV SKDVHV GH FUpDWLRQ G·XQH %' OH WUDYDLO GH O·(GLWHXU HW WRXWH OD FKDvQH TXL DPqQH OH OLYUH HQWUH OHV PDLQV GX OHFWHXU /HV DXWHXUV YRXV GLURQW YRXV PRQWUHURQW« (W DXWRXU G·XQ FDIp YRXV SRXUUH] FKRLVLU OLUH HW DFKHWHU GHV %'  9LVLWHU (W 3RLQW /HFWXUH j OD %LEOLRWKqTXH GH /XFKDSW
$WHOLHU %' GH K j K DQLPp SDU (PPDQXHOOH =HQDWL HW &DWKHULQH :LOOLDP
+LVWRLUH HW 6FpQDULR eODERUDWLRQ G·XQH SHWLWH KLVWRLUH HW DUWLFXODWLRQ DYHF GHV LPDJHV 5pDOLVDWLRQ G·XQH 3ODQFKH GH %' ,QLWLDWLRQ DX FDGUDJH DX SODQ H[SUHVVLRQ HW PRXYHPHQW GHV SHUVRQQDJHV
 SDUWLU GH DQV ½ 3ODFHV OLPLWpHV
6RLUpH &LQpPD j /·,VOH -RXUGDLQ VDOOH GHV IrWHV GH O·,VOH -RXUGDLQ HQWUpH SD\DQWH $ K /(6 &522'6 ILOP G·DQLPDWLRQ
3L]]D 3DUW\ HQWUH OHV GHX[ ILOPV
$ K /( &+$7 '8 5$%,1 SDU -RDQ 6IDU
-HXGL -XLOOHW $WHOLHU %' j K DQLPp SDU (PPDQXHOOH =HQDWL HW &DWKHULQH :LOOLDP +LVWRLUH HW 6FpQDULR eODERUDWLRQ G·XQH SHWLWH KLVWRLUH HW DUWLFXODWLRQ DYHF GHV LPDJHV 5pDOLVDWLRQ G·XQH SODQFKH GH %' ,QLWLDWLRQ DX FDGUDJH DX SODQ H[SUHVVLRQ HW PRXYHPHQW GHV SHUVRQQDJHV
*RÂ&#x20AC;WHU 6SHFWDFOH j K $X SDUTXHW VWDGH GH /XFKDSW © 6XU OHV WUDFHV GH 3HOXFKRQ ª 3DU /D &RPSDJQLH *ORE 7URWW &·HVW HQ IDQIDUH TXH YRXV GpFRXYULUH] $QH HW 0DUJXHULWH OD YR\DJHXVH HW OD IHUPLqUH TXL UHYLVLWHQW OH 3RLWRX SDUWDJHQW OD YLH GHV DQLPDX[« 8Q PRPHQW WRXW HQ UHERQGV HW FORZQHULHV FRXOHXUV HW U\WKPHV 7RXW SXEOLF ½ DYHF OH JRÂ&#x20AC;WHU
 SDUWLU GH DQV ½ 3ODFHV OLPLWpHV
$ K 5HQFRQWUH DYHF )UHG 7UHJOLD +LVWRLUH GH OD %' $PpULFDLQH 6DOOH GHV )rWHV GH /XFKDSW (QWUpH OLEUH
9HQGUHGL -XLOOHW
$WHOLHU %' j K DQLPp SDU *HRUJHV *UDUG ,QYHQWLRQV )DUIHOXHV HW 6WULSV R VH PrOHURQW GHVVLQ pFULWXUH HW SRpVLH
$ SDUWLU GH DQV ½ PDWpULHO IRXUQL HW SHWLW JRÂ&#x20AC;WHU
$ K 5HQFRQWUH DYHF /XFLHQ 5ROOLQ $XWHXU GH %' XQ YUDL PpWLHU
6DOOH GHV )rWHV GH /XFKDSW (QWUpH OLEUH
'X DX MXLOOHW GH K j K (QWUpH OLEUH
/H FLQpPD OH VSRUW DXWRPRELOH OD SKLODWpOLH« RQW LQVSLUp GH QRPEUHX[ DXWHXUV GH %' (Q SDUWHQDULDW DYHF O·$VVRFLDWLRQ GX )HVWLYDO ,QWHUQDWLRQDO GH OD %' G·$QJRXOrPH 'pFRXYUH]
/D %' IDLW VRQ FLQpPD 'HV OLHQV WUqV IRUWV H[LVWHQW SUHVTXH GHSXLV OHXU RULJLQH HQWUH OH FLQpPD HW OD %' 5pJXOLqUHPHQW GHV FLQpDVWHV VROOLFLWHQW OHV DXWHXUV GX qPH DUW SRXU FUpHU O·DIILFKH GH O·XQ GH OHXU ILOP
%' %ROLGHV 3OXVLHXUV DXWHXUV GH %' © H[SpGLHQW ª SDUIRLV OHXU KpURV VXU OHV FLUFXLWV GH FRPSpWLWLRQ '·DXWUHV RQW FKRLVL XQ FRXUHXU DXWRPRELOH FRPPH SHUVRQQDJH SULQFLSDO - *UDWRQ DYHF 0LFKHO 9DLOODQW )UDQTXL 3H\R HW ELHQ G·DXWUHV
(W UHWURXYH] +HUJp j WUDYHUV OD SKLODWpOLH 'HV EG DQFLHQQHV HQ pGLWLRQV RULJLQDOHV %LFRW HW OHV 5DQ 7DQ 3ODQ =LJ HW 3XFH )ULPRXVVHW« /HV SODQFKHV RULJLQDOHV GHV DXWHXUV SUpVHQWV DX )HVWLYDO
6DPHGL HW GLPDQFKH -XLOOHW
&KULVWRSKH &RLQWDXOW
*HRUJHV *UDUG
-HII %DXG
*DUI /XFLHQ 5ROOLQ /XF 7XUODQ
-RVp -RYHU 0DULH 'HVFKDPSV
$WHOLHU %' GH K j K DQLPp SDU 7DUHN 'X WH[WH j O·LPDJH &RQWHV HW +LVWRLUHV GH OD %'
7RXW SXEOLF ½ PDWpULHO HW JRÂ&#x20AC;WHU FRPSULV
'vQHU GH O·$OSD *RXUPDQGH j SDUWLU GH K $QLPp GH WDEOHV HQ WDEOHV SDU OHV FDULFDWXULVWHV -RVp -RYHU HW -HII %DXG
6XU UpVHUYDWLRQ HXURV
6DPHGL MXLOOHW HW 'LPDQFKH -XLOOHW
3LHUUH :DOWFK
5DRXO 3DROL
6LPpRQ
/·LQYLWp 6XUSULVH "
0LQK 7KDQ 'XRQJ (ULF :DQWLH]
7DUHN
9LQ] HO 7DEDQDV 9LQFHQW 3RPSHWWL &ODXGH 0DUUDFKH )UHG 7UHJOLD $QQH 5LFKHU GH )RUJHV HW 'RPLQLTXH $UURXD\V VHURQW GHV Q{WUHV XQH QRXYHOOH IRLV SRXU FHV GHX[ MRXUV GH GpGLFDFHV
$WHOLHU %' GH K j K DQLPp SDU &KULVWRSKH &RLQWDXOW &UpHU VRQ SHUVRQQDJH GH %' $FFRPSDJQHPHQW GDQV OD FUpDWLRQ G·XQ SHUVRQQDJH GHVWLQp j YLYUH GHV DYHQWXUHV GH FDVHV HQ EXOOHV 7RXW SXEOLF ½ 0DWpULHO IRXUQL HW SHWLW JRÂ&#x20AC;WHU
$ K 7LUDJH GH OD VRXVFULSWLRQ HW 3RW GH FO{WXUH GX IHVWLYDO 3RXU VRXWHQLU OHV DFWLYLWpV GH O·$/3$ XQH VRXVFULSWLRQ ELOOHW j ½ RIIULUD GH QRPEUHX[ ORWV j JDJQHU â&#x20AC;¢ 8QH UHSURGXFWLRQ GX GHVVLQ RULJLQDO GH * 6PXGMD HQFDGUpH HW GpGLFDFpH SDU O·DXWHXU â&#x20AC;¢ 8QH VLOKRXHWWH GH 6SLURX â&#x20AC;¢ 'H QRPEUHXVHV %' GHV DXWHXUV SUpVHQWV
'X DX MXLOOHW GH K j K (QWUpH OLEUH
/LYUHV DQJODLV
6XU SODFH YRXV SRXUUH] DFKHWHU /HV %' HW DOEXPV GHV DXWHXUV SUpVHQWV DX[ GpGLFDFHV 0DLV DXVVL GHV DOEXPV GH FROOHFWLRQ G·RFFDVLRQ GHV %' IUDQFR EHOJHV GHV FRPLFV GHV PDQJDV« HQ EUHI GHV RXYUDJHV SRXU WRXV OHV SXEOLFV
$YHF OD SDUWLFLSDWLRQ GH
'RPLQLTXH /DXUHQW %RXTXLQLVWH LWLQpUDQW
j YLVLWHU &ROOHFWLRQ 3DVVLRQ HW OD &LWp GH O·pFULW j 0RQWPRULOORQ
0DLVRQ GH OD 3UHVVH ,VORLVH
%' HQ EXOOHV
3RLQW /HFWXUH j OD ELEOLRWKqTXH GH /XFKDSW
/HV DXWHXUV HQ TXHOTXHV PRWV
$QQH 5LFKHU GH )RUJHV 3HLQWUH DXWRGLGDFWH HOOH D GpEXWp WUqV W{W HQ UpDOLVDQW GH QRPEUHX[ SD\VDJHV HQ SHLQWXUH j O·KXLOH 3pGRORJXH FDUWRJUDSKH GH PpWLHU OH GHVVLQ SUHQG XQH SDUW LPSRUWDQWH GDQV VRQ WUDYDLO SRVWHU VRXV IRUPH GH %' DX FROORTXH PRQGLDO GH OD VFLHQFH GX VRO j %ULVEDQH SDU H[HPSOH $LGpH GH WURLV VFpQDULVWHV OHV DYHQWXUHV GH &KLOGpULF OH /RPEULF RQW GRQF YX OH MRXU DLQVL TXH GHX[ UHFXHLOV GH FRPLFV © /·KRPPH TXL ª &KULVWRSKH &RLQWDXOW 'HVVLQH GHSXLV VRQ SOXV MHXQH kJH EHUFp SDU GH QRPEUHXVHV LQIOXHQFHV DOODQW GH 3LFVRX 0DJD]LQH DX FOXE 'RURWKpH HQ SDVVDQW SDU OHV JUDQGV FODVVLTXHV $VWpUL[ 6SLURX 7LQWLQ« /HV MHX[ YLGpRV RQW DXVVL RFFXSp EHDXFRXS GH VRQ WHPSV LOV FRQVWLWXHQW XQH SDUW LPSRUWDQWH GH VHV LQIOXHQFHV JUDSKLTXHV (Q LO HVW qPH ODXUpDW DX FRQFRXUV © MHXQHV WDOHQWV ª GX IHVWLYDO %' GH &RORPLHUV (Q LO GpFLGH GH VH ODQFHU SOHLQHPHQW GDQV OD FUpDWLRQ GH VD VpULH © &HQWUDO <XQLYHUVH ª GHVWLQpH j XQ SXEOLF MHXQH 'RPLQLTXH $UURXD\V 'RFWHXU HQ VFLHQFHV GX VRO HW SDVVLRQQp GH EDQGHV GHVVLQpHV LO Q·KpVLWH SDV j XWLOLVHU OD %' SRXU PLHX[ IDLUH FRPSUHQGUH OH VRO ,O HVW OH VFpQDULVWH SULQFLSDO GHV $YHQWXUHV GH &KLOGpULF OH /RPEULF HW GH © /·KRPPH TXL ª )ORULDQ +LHQ 3DVVLRQQp G·LPDJHV GHSXLV LO FRPPHQFH j UpDOLVHU GHV %' GqV O·kJH GH DQV GDQV OH IDQ]LQH 2UOpDQDLV GH PXVLTXH &KRUXV SXLV pWXGLH OH FLQpPD j 3DULV HW UpDOLVH TXHOTXHV SLJHV SRXU GHV VLWHV GH FLQpPD DVLDWLTXH ,O VH PHW j OD SKRWR HW UHWRXUQH DX GHVVLQ HW j O·pGLWLRQ DYHF &DPEURXVVH (GLWLRQV DSUqV DYRLU DWWUDSp OH YLUXV LQFXUDEOH GX IDQ]LQDW« )UHG 7UpJOLD eGLWHXU GH FRPLFV DPpULFDLQV DX *ROGHQ $JH GXUDQW DQV LO HVW 'LUHFWHXU GHV SXEOLFDWLRQV GH 0pJDOLWKHV 3URGXFWLRQV DQLPDWHXU GH FRXUV GH VFpQDULRV GH %' HW DXWHXU GH OLYUHV GH FRQWHV LOOXVWUpV *HRUJHV *5$5' 6H GpILQLW FRPPH XQ © pGLWHXU EODJDJLVWH ª UD &RQWHXU © DXWHXU -HXQHVVH URPDQFLHU KXPRULVWH VFpQDULVWH j VXFFqV GH %DQGHV GHVVLQpHV /D VpULH © /pR HW /X ª WRPHV © &pOHVWH ª © )RRW HW PRL« 'HKRUV ª © (Q GLUHFW G·$O]KHLPHU ª © /HV DYHQWXUHV GH 3URXWPDQ ª (7 © /D EDQGH j (G ª TXL D REWHQX OH 3UL[ +DQGLOLYUH GX PHLOOHXU RXYUDJH MHXQHVVH WRPHV XQH EG TXL PHW HQ VFqQH GHV KpURV KDQGLFDSpV ,O FRQVWUXLW OLYUH DSUqV OLYUH RXYUDJHV j FH MRXU XQH ±XYUH pFOHFWLTXH HW UpMRXLVVDQWH 8Q SHX SRqWH EHDXFRXS ERKqPH LO V·HVW WUqV YLWH pYDGp HW RQ QH O·D MDPDLV UDWWUDSp«
/HV DXWHXUV HQ TXHOTXHV PRWV
-HII %DXG 3DVVLRQQp GH %' GHSXLV WRXMRXUV -()) %$8' HQWUH j O·pFROH GHV *REHOLQV (Q LO GpPDUUH XQH FDUULqUH GDQV OH GHVVLQ DQLPp XQH ORQJXH KLVWRLUH TXL SDVVHUD SDU © $VWpUL[ ª HW © %DEDU ª HW TXL ILQDOHPHQW OH PqQHUD FKH] :$/7 ',61(< )UDQFH ,O \ LQVWDOOHUD VD SODQFKH j GHVVLQ SHQGDQW SOXVLHXUV DQQpHV ,O \ SUDWLTXHUD OH © GHVVLQ IL[H ª GpFRUV SHUVRQQDJHV HW FRVWXPHV« HW LO \ UpDOLVHUD DXVVL TXHOTXHV DQLPDWLRQV LPSRUWDQWHV 3HQGDQW WRXWHV FHV DQQpHV LO FDUHVVH OH UrYH HW SRXUVXLW O·LGpH GH IDLUH XQH %' IDQWDVWLTXH PkWLQpH GH 7RONLHQ &·HVW DLQVL TXH YD QDvWUH OH SHUVRQQDJH GH 'RPHQLFR HW WRXW VRQ XQLYHUV /H SUHPLHU WRPH GH 'RPHQLFR © /H 6HFUHW GH 1LNREXV .HWRQ ª VRUW DX[ pGLWLRQV 7$57$08'2 HQ PDL /H GHX[LqPH WRPH © /HV )UqUHV GX 6RPPHLO ª VXU OHV WURLV DX WRWDO SUpYXV VRUW HQ QRYHPEUH -HII EDXG WUDYDLOOH HQ FRPSDJQLH GH VD FRORULVWH 6\OYLDQH 6LGRLW TXL HVW VRQ pSRXVH GDQV OD YLH $FWXHOOHPHQW LO WUDYDLOOH pJDOHPHQW SRXU O·pGLWLRQ WH[WLOH G·$UW /XF 7XUODQ $XWRGLGDFWH SDVVLRQQp GH EDQGHV GHVVLQpHV LO HQ D DGRSWp OD JUDSKLH $SUqV TXHOTXHV HVVDLV j 5RXHQ GDQV OD SXEOLFLWp LO LOOXVWUH O·DFWXDOLWp SRXU GLIIpUHQWV MRXUQDX[ ,O WUDYDLOOH HQVXLWH FKH] 'HOFRXUW FRPPH DVVLVWDQW FRORULVWH 6D IDoRQ GH WUDYDLOOHU OD FRXOHXU WUqV UHPDUTXpH OXL RXYUH OHV SRUWHV GH O·LOOXVWUDWLRQ MHXQHVVH HW HQ LO SXEOLH VHV SUHPLHUV SURMHWV © 6DSHUOLSRSHWWH ª HW © 6DSULVWL ª ,O UHQFRQWUH DORUV 5pJLQH 'HIRUJHV HW LOOXVWUH SRXU HOOH © /D 6RUFLqUH GH %RXTXLQ YLOOH ª VXLYL GH © 0pVDYHQWXUHV j %RXTXLQYLOOH ª $XMRXUG·KXL /XF 7XUODQ SUpVHQWH GHV FROOHFWLRQV GH SOXV HQ SOXV GLYHUVHV HW YDULpHV SRXU WRXV OHV kJHV GHV OLYUHV WDFWLOHV j OD %' HQ SDVVDQW SDU OHV URPDQV MHXQHVVH &ODXGH 0DUUDFKH $UWLVWH SHLQWUH GHVVLQDWHXU PXVLFLHQ Qp HQ ,O YLW HQ )UDQFH HW YLHQW GH VRUWLU OH HU 7RPH /H 3HQWDFOH GH 9HQXV 0RUJDQH $UURX\V © 6LPpRQ ª 6FpQDULVWH GHVVLQDWULFH HW FRORULVWH HOOH SXEOLH VRXV OH SVHXGRQ\PH GH 6LPpRQ VRQ SUHPLHU UHFXHLO GH QRXYHOOHV LOOXVWUpHV 3DWULFLD &URWWLHU 1pH HQ DSUqV GHV pWXGHV GH GHVVLQ HOOH REWLHQW VRQ GLSO{PH GH JUDSKLVWH SXEOLFLWDLUH HQ DYHF OHTXHO HOOH H[HUFH GLIIpUHQWV PpWLHUV (OOH DERUGH OD %' SDU OH ELDLV GH OD FRXOHXU GDQV XQ SUHPLHU WHPSV SXLV SDU OD UpDOLVDWLRQ GHV DOEXPV /H -XGR OD =HQ DWWLWXGH HW OHV $PRXUHX[ HQ FR VFpQDULVDWLRQ HW FR FRORULVDWLRQ DYHF %RE %HUJp DX[ eGLWLRQV &ODLU GH /XQH 5DRXO 3DROL $XWRGLGDFWH SDVVLRQQp GH EDQGHV GHVVLQpHV GHSXLV VRQ SOXV kJH HW GpVLUHX[ GH UDFRQWHU GHV KLVWRLUHV LO REWLHQW VHV SUHPLqUHV SDUXWLRQV GDQV GLYHUV IDQ]LQHV HW UHFXHLOV DYDQW G·LQWpJUHU O·pTXLSH GH MRXUV HQ %' HQ DLQVL TXH 0DNDND eGLWLRQV TXL OXL D SHUPLV GH VRUWLU VRQ SUHPLHU DOEXP 'pILQLWLRQ HQ MXLQ +ROG XS MRXUQDO G·XQ EUDTXHXU HVW j YHQLU
/HV DXWHXUV HQ TXHOTXHV PRWV
7DUHN 'LSO{Pp GH OD 6RUERQQH 3DULV , HQ KLVWRLUH PpGLpYDOH HW HQ KLVWRLUH GH O·DUW 7DUHN SXEOLH 3DULV 7RQNDU HQ j O·kJH GH DQV SUHPLHU OLYUH G DUW FRQVDFUp DX 6SUD\FDQ DUW j 3DULV TXL GHYLHQW XQ RXYUDJH GH UpIpUHQFH LO YR\DJH GDQV GH QRPEUHX[ SD\V WRXW HQ FRQWLQXDQW VHV pWXGHV HW OD SKRWRJUDSKLH ,O UHPSRUWH GH QRPEUHX[ SUL[ GRQW OH 6DLQW 0LFKHO GX PHLOOHXU VFpQDULR HQ SRXU VD VpULH 6LU $UWKXU %HQWRQ &HWWH PrPH DQQpH VRQ WUDYDLO VXU 6LU $UWKXU %HQWRQ IDLW O·REMHW G·XQH JUDQGH H[SRVLWLRQ GH P DX 0pPRULDO GH &DHQ 'XUDQW TXDWUH DQV 7DUHN VH FRQVDFUH pJDOHPHQW j OD SKRWRJUDSKLH HW SUpSDUH DFWXHOOHPHQW XQH UppGLWLRQ GH VRQ SUHPLHU RXYUDJH DLQVL TX·XQ OLYUH VXU O·KLVWRLUH GX JUDIILWL GH j (Q SUpSDUDWLRQ GH QRXYHOOHV VpULHV %' GRQW XQH FRQVDFUpH j OD 5DIOH GX 9HO· G·+LY FKH] 4XDGUDQWV &KULVWLDQ 0DXFOHU DX GHVVLQ $YHF %DWLVW FKH] 7DUWDPXGR XQH KLVWRLUH VXU OHV ,QGLJqQHV GDQV OHV WUDQFKpHV GH HW DYHF 9LQFHQW 3RPSHWWL © /D JXHUUH GHV *DXOHV ª HQ GHX[ WRPHV HW © /H 0DORXLQ ª FKH] OH PrPH pGLWHXU 9LQFHQW 3RPSHWWL 'LSO{Pp GH O ,QVWLWXW 1DWLRQDO GHV %HDX[ $UWV 6DLQW /XF GH /LqJH LO UpDOLVH VHXO VD SUHPLqUH EDQGH GHVVLQpH TXL D SRXU WKqPH OD VFLHQFH ILFWLRQ GDQV XQ PRQGH LPDJLQp SDU OXL 3ODQqWH 'LYLQH SDUDvW HQ GHX[ WRPHV FKH] *OpQDW HQ HW HQ $YHF 5DVSRXWLQH GDQV OD FROOHFWLRQ 7ULORJLH HW °LO EUXQ ±LO EOHX LO GpEXWH VD FROODERUDWLRQ DYHF OH VFpQDULVWH 7DUHN DX[ pGLWLRQV (PPDQXHO 3URXVW 6D SDOHWWH V·DIILQH VRQ VW\OH GHYLHQW SOXV UpDOLVWH HW VHV FDGUDJHV GHYLHQQHQW G\QDPLTXHV 'HSXLV LO GHVVLQH OD VpULH 6LU $UWKXU %HQWRQ GRQW OH GHUQLHU WRPH GX VHFRQG F\FOH HVW VRUWL ILQ 'HSXLV VRQ LQVWDOODWLRQ HQ %UHWDJQH HQ LO VH FRQVDFUH j OD SHLQWXUH j O KXLOH VXU WRLOH $LQVL SOXVLHXUV GH VHV ±XYUHV RQW GpMj pWp H[SRVpH j 6DLQW 0DOR 4XDL GHV EXOOHV HQ j /LqJH 3DULV HW %UHVW HQ ,O REWLHQW OH SUL[ GH OD YLOOH GH &UHLO HQ HW FHOXL GH OD YLOOH G $MDFFLR HQ SRXU OD VpULH 6LU $UWKXU %HQWRQ 'HSXLV LO H[SRVH UpJXOLqUHPHQW GDQV GHV JDOHULHV G DUW HQ 6XLVVH 6WDUNDUW j = ULFK )UDQFH *DOHULHV GHV DUWV JUDSKLHV /D*DOOHU\ HW FDIp 'XQH HW DX &DQDGD /D*DOOHU\ HW UpDOLVH SOXVLHXUV DIILFKHV GH VDORQV GH EDQGH GHVVLQpHV &UHLO 0RXOLQV %RXUJHV (Q FRPPHQFH XQH DGDSWDWLRQ HQ G\SWLTXH GH /D JXHUUH GHV *DXOHV G DSUqV OH WH[WH GH -XOHV &pVDU SUHPLHU WRPH SDUX HQ DYULO DLQVL TX XQH pGLWLRQ QRXYHOOH G XQ WLWUH GH SLUDWH /H 0DORXLQ WRXMRXUV DX[ pGLWLRQV 7DUWDPXGR 9LRODLQH %ULDW (OOH HVW j OD IRLV IRQGXH GH GHVVLQ HW JUDQGH DXGLWULFH GH PXVLTXH $SUqV O·DWHOLHU GH 6qYUHV j 3DULV SXLV OHV *REHOLQV pFROH GH O·LPDJH HOOH SDUWDJH DXMRXUG·KXL VRQ WHPSV HQWUH XQ SRVWH GH VWRU\ ERDUGHU VXU GHV VpULHV 79 G·DQLPDWLRQ HW VD SDVVLRQ GH UDFRQWHXVH G·KLVWRLUHV HQ EDQGHV GHVVLQpHV (ULF :DQWLH] 1p HQ j 0D]LQJDUEH HW DXWRGLGDFWH eULF :DQWLH] HVW VSpFLDOLVp GDQV O·pFULWXUH GH FRQFHSWV GH MHX[ OHV VFHQDULL HW OHV GLDORJXHV SRXU OH MHX YLGpR $XWHXU GX ORQJ PpWUDJH G·DQLPDWLRQ SURGXLW SDU *D]DWR )LOPV VRQ XQLYHUV GH UpIpUHQFH UHVWH FHOXL GHV © UDFRQWHXUV G·KLVWRLUHV ª HW GH UpFLWV VXU GHV © PRQGHV GpFDOpV ª $OSKRQVH 'DXGHW %RULV 9LDQ HW -DFN /RQGRQ ,O GpEXWH GDQV O pFULWXUH GH OLYUHV SRXU OD MHXQHVVH HW GH EDQGHV GHVVLQpHV HQ
/HV DXWHXUV HQ TXHOTXHV PRWV
%RE %HUJp /HV JUDQGV QRPV GH OD %' RQW EHUFp VRQ HQIDQFH 5pDOLVDWHXU GH GHVVLQ GH %' LO GHYLHQW FRORULVWH GH OD VpULH 'UHDG 0DF )DUODQH ,O UpDOLVD VD SUHPLqUH %' HQ © OH MXGR ª 6XLYURQW © =HQ DWWLWXGH ª HW © OHV DPRXUHX[ ª HQ FR VFpQDULVDWLRQ HW FR FRORULVDWLRQ DYHF 3DWULFLD &URWWLHU )UDQFLV 7DUGLI 6FpQDULVWH HW GHVVLQDWHXU )UDQFLV 7DUGLI HQIDQW GX 3RLWRX KDELWH DX[ PDUJHV GX /LPRXVLQ R LO HVW GLUHFWHXU G·pFROH SULPDLUH ,QVSLUp SDU OHV DXWHXUV EHOJHV OHXU KXPRXU OHXU KpURV WRXW HVW SUpWH[WH DX GHVVLQ 6RXV VHV FUD\RQV OHV SHWLWHV DQHFGRWHV GX TXRWLGLHQ TX·LO WRXUQH HQ GpULVLRQ GHYLHQQHQW DXWDQW GH SDJHV FRORUpHV &H VRQW HOOHV TXH O·RQ GpFRXYUH GHSXLV XQH GL]DLQH G·DQQpHV j WUDYHUV OHV $YHQWXUHV GX 3qUH 3LFWRQ ,O LOOXVWUH pJDOHPHQW GDQV /H 3LFWRQ OHV FRQWHV KXPRULVWLTXHV HQ SDWRLV GH 5REHUW *UDQGVHLJQH *DUI ,O HVW Qp j 3RLWLHUV 6FpQDULVWH GHVVLQDWHXU WRPEp j OD QDLVVDQFH GDQV XQ SRW G·HQFUH GH FKLQH LO pWXGLH OHV %HDX[ $UWV j 7RXUV /HV DOpDV GH OD YLH O·pORLJQHQW XQ WHPSV GH VD SDVVLRQ j ODTXHOOH LO UHYLHQGUD WUqV YLWH VRQ SUHPLHU DOEXP © *52+21. ª HVW VRUWL HQ +HUPDQQ /D ELRJUDSKLH G·+HUPDQQ +833(1 GHVVLQDWHXU HW VFpQDULVWH EHOJH VHUDLW XQH ORQJXH KLVWRLUH j UDFRQWHU « &·HVW XQH GRXEOH FLUFRQVWDQFH KHXUHXVH TXL OH UDSSURFKHUD GH VD QRXYHOOH ª SURPLVH GH SDSLHU ª HQ 'HSXLV LO Q·D FHVVp GH GHVVLQHU ([LJHDQW FXULHX[ ERVVHXU LO QH V·DFFRUGH DXFXQH IDFLOLWp GDQV OH ULFKH SDUFRXUV TXL HVW OH VLHQ 6RQ ±XYUH HVW FRXURQQpH GH QRPEUHX[ SUL[ QRWDPPHQW OH SUL[ 6DLQW 0LFKHO DX &RPLFV IHVWLYDO GH %UX[HOOHV HW XQH QRPLQDWLRQ SRXU O·$OSK·DUW GX PHLOOHXU GHVVLQ DX IHVWLYDO G·$QJRXOrPH /D WHQHXU KLVWRULTXH GH © 6DUDMHYR 7DQJR ª OXL YDXGUD GH UHFHYRLU OH SUL[ 2HVWHUKHOG 6D YpULWDEOH FDUULqUH FRPPHQFH HQ DYHF VRQ HQWUpH DX VWXGLR *UHJ $ SDUWLU GH LO UpDOLVH GHV DOEXPV KRUV VpULHV VXU VHV SURSUHV VFpQDULRV RX FHX[ GH VRQ ILOV -RVp -RYHU 1p j 9DOHQFLD HQ (VSDJQH -RVp -29(5 HVW HQWUp j O·(FROH 1DWLRQDOH GHV %HDX[ $UWV GH 3DULV HQ 'qV LO D FRPPHQFp j SXEOLHU GDQV OD SUHVVH HQIDQWLQH HW DGXOWH 3KRVSKRUH &KDUOLH 0HQVXHO 3LI« 3DUDOOqOHPHQW j VHV DFWLYLWpV GH GHVVLQDWHXU GH EDQGHV GHVVLQpHV GH GHVVLQDWHXU GH SUHVVH G·LOOXVWUDWHXU GDQV O·pGLWLRQ MHXQHVVH HW DGXOWH GH SHLQWUH GH UpDOLVDWHXU GH GHVVLQ DQLPp -RVp -29(5 D FUpp XQH PDLVRQ G·pGLWLRQ 7$57$08'2 TXL D SRXU YRFDWLRQ GH SXEOLHU GHV DOEXPV MHXQHVVH HW GHV EDQGHV GHVVLQpHV 0DULH 'HVFKDPSV 1pH HQ j 1HXLOO\ VXU 6HLQH HW DUWLVWH SODVWLFLHQQH 0DULH 'HVFKDPSV GLSO{PpH GH O·eFROH GHV *REHOLQV GpEXWH XQH FDUULqUH GH UpDOLVDWULFH HW G·DQLPDWULFH ' HW ' j $QJRXOrPH (QJOLVK )HYHU .LULNRX O·HDX HW OH IHX /HV 7ULSOHWWHV GH %HOOHYLOOH HW 8 UHVSHFWLYHPHQW FKH] /HV $UPDWHXUV HW 3ULPD /LQpD 6RQ XQLYHUV DUWLVWLTXH VH UpIqUH j &KDUOLH &KDSOLQ HW <XUL 1RUVWHLQ %UXHJHO O·$QFLHQ HW &\ULO 3HGURVD (OOH D GpEXWp GDQV OD EDQGH GHVVLQpH HQ
/HV DXWHXUV HQ TXHOTXHV PRWV
0LQK 7KDQ 'XRQJ 6RQ SURMHW pWDLW GH WUDYDLOOHU GDQV OD %'« $SUqV XQ DQ HW GHPL DX SRVWH GH /D\ RXW GDQV XQ VWXGLR G·DQLPDWLRQ LO HQWUH j O·DWHOLHU 6DQ]RW SRXU HQWDPHU XQ SURMHW GH %' DXWRXU GH FRQWHV DVLDWLTXHV ,O \ UHQFRQWUHUD EHDXFRXS G·DXWHXUV GRQW -HDQ /XF 0DVERX TXL GHYLHQGUD OH VFpQDULVWH GH O·(PSLUH &pOHVWH GDQV OHTXHO +XPRXU FRPEDWV HW FLWDWLRQV GH SKLORVRSKHV FKLQRLV VRQW SURSRVpV DX[ OHFWHXUV 3DVFDO 'HEDFTXH 'HSXLV XQH WUHQWDLQH G·DQQpHV LO H[HUFH VRQ DFWLYLWp GH GHVVLQDWHXU GDQV SOXVLHXUV GRPDLQHV OH GHVLJQ HW OD FUpDWLRQ GH MRXHWV OD OLWWpUDWXUH MHXQHVVH OH JUDSKLVPH OH GHVVLQ QDWXUDOLVWH OD FDULFDWXUH $XMRXUG·KXL LO FRQVDFUH VRQ WHPSV j O·pFULWXUH HW j O·LOOXVWUDWLRQ GH OLYUHV SRXU HQIDQWV HW j OD FDULFDWXUH. 3LHUUH :DOWFK 'HSXLV HW OD VRUWLH GH VRQ SUHPLHU DOEXP (FROR $WWLWXGH :DOWFK HQFKDvQH OHV DOEXPV HW HVW VpOHFWLRQQp SRXU OH SUL[ GX PHLOOHXU DOEXP MHXQHVVH GX IHVWLYDO G $QJRXOrPH DYHF /H 3DVVHXU G $PHV 3RXU OH UHVWH YRXV Q DYH] TX j DOOHU IDLUH XQ WRXU VXU VRQ VLWH ZZZ ZDOWFK FRP oD OXL IHUD SODLVLU 6SLW 'DYLG 9RLOHDX[ DOLDV 6SLW GHVVLQDWHXU DXWRGLGDFWH SDVVLRQQp GH %' G·LOOXVWUDWLRQV HW GH YLHX[ FRXFRXV FKHUFKHXU GH ERQV PRPHQWV HW WURXYHXU GH ERQQH KXPHXU 'H VRQ VHUYLFH PLOLWDLUH GDQV O·DUPpH GH O·DLU LO pEDXFKH OHV SUHPLqUHV HVTXLVVHV GHV DYHQWXUHV KXPRULVWLTXHV GH FKHYDOLHUV GX FLHO GH OD :: 3OXVLHXUV PLOOLHUV GH SKRWRV HW SOXV GH JDJV O·DPqQHQW j FUpHU O·XQLYHUV GH %LVKRW 9LQFHQW 3HUULRW &XULHX[ GH O·LQYHQWLYLWp GH OD %' GX PRPHQW LO SURILWH GqV GH O·pFROH GHV %HDX[ $UWV G·$QJRXOrPH SRXU V·HQULFKLU HQ GHVVLQV HW HQ DPLWLpV ,O LQWqJUH SDU OD VXLWH OH FROOHFWLI G·DXWHXUV © FODIRXWLV ª DYHF TXL LO SDUWDJH OH JRÂ&#x20AC;W GHV KLVWRLUHV EDURTXHV HW GHV LPDJHV HQ SHUVSHFWLYHV GpWHQGXHV ,O FROODERUH DX ORQJ PpWUDJH GX &KDW GX 5DEELQ GH -RDQ 6IDU $YHF $UQDXG 0DOKHUEH VFpQDULVWH LO UHoRLW OH SUL[ -HXQH WDOHQW GH OD %' 9LQ] (O 7DEDQDV 9LQFHQW D GpFRXYHUW OD %' j WUDYHUV OHV PDQJDV MDSRQDLV HW OHV FRPLFV DPpULFDLQV DYDQW GH G·LQWpUHVVHU j O·XQLYHUV GX JUDIILWL HW GX WDWRR -RVp -29(5 VFpQDULVWH HW pGLWHXU OXL FRQILH XQ VFpQDULR GH VFLHQFHV ILFWLRQ LQLWLDOHPHQW GHVWLQp j XQ MHX YLGpR /H 0LURLU GHV 7HPSOLHUV FRQQDvW XQ IUDQF VXFFqV 6HV WDOHQWV QH V·DUUrWHQW SDV DX GHVVLQ F·HVW XQ YpULWDEOH © FRXWHDX VXLVVH ª DYHF XQ VHXO PRW G·RUGUH © UHVWHU DIIÂ&#x20AC;Wp ª
1RV GRQDWHXUV
&$)( '( /$ 3$,;
/路,6/( -285'$,1
1RV GRQDWHXUV
3ODFH G¶$UPHV /¶,VOH -RXUGDLQ 7HO
9HQLU QRXV UHMRLQGUH j /XFKDSW
/H )HVWLYDO HVW ,FL
0DQLIHVWDWLRQ RUJDQLVpH SDU O·$/3$ $VVRFLDWLRQ /XFKDSWDLVH SRXU OH 3DWULPRLQH HW OHV $UWV $/3$ 0DLULH /8&+$37 0HO DOSD #YRLOD IU ZZZ DOSD IU WHO 0DLULH GH /XFKDSW * $XFKp %RXUJRQ 3UpVLGHQWH -- 2XWLQ 9LFH 3UpVLGHQW + &KHJDUD\ 7UpVRULqUH 0DULH *LUDUG 6HFUpWDLUH 2IILFH GH 7RXULVPH
/·DFFqV DX[ FRQIpUHQFHV ILOPV H[SRVLWLRQV HVW JUDWXLW /HV VSHFWDFOHV GvQHUV HW DWHOLHUV VRQW SD\DQWV SDLHPHQW j OD UpVHUYDWLRQ 7RXV DWHOLHUV DXURQW OLHX 6DOOH GH OD 0DLULH j /XFKDSW )RUIDLW SRXU OHV SOXV DVVLGXV DX[ DWHOLHUV 5pVHUYDWLRQV HW UHQVHLJQHPHQWV DX RX 3RXU O·KpEHUJHPHQW SUHQGUH FRQWDFW DYHF O·RIILFH GH 7RXULVPH IDXWHXLO URXODQW j GLVSRVLWLRQ SRXU OHV SHUVRQQHV j PRELOLWp UpGXLWH 3DUNLQJ SUqV GH OD ELEOLRWKqTXH